The United Arab Emirates' central bank has told lenders to extend maturities on certain personal loans held by UAE citizens by more than four years, the latest initiative aimed at reducing their debt burdens.

Banks in the United Arab Emirates will have to hold high-quality liquid assets equal to 10 percent of their liabilities from Jan. 1 next year, under a rule introduced by the UAE central bank as it prepares the sector to comply with Basel III global standards.

After years of procrastination, this weekend I closed my first ever bank account. It wasn’t as bad as I imagined. In fact it was just a little too easy: I wasn’t asked for identification, a PIN or any special secret questions. My experience has made me forever distrust financial institutions and here’s why.